Spearheaded by ASFAR: Baheej signs Investment Agreements with the Royal Commission for Yanbu at the Future Hospitality Summit Saudi Arabia 2024
ASFAR, the Saudi tourism investment company wholly owned by the Public Investment Fund of Saudi Arabia, has announced today the signing of investment agreements between Baheej, a joint venture between ASFAR and the Tamimi-AWN Alliance, and the Royal Commission for Yanbu. These agreements are aimed at transforming the city of Yanbu into a premier tourist destination by introducing four innovative projects along the waterfront.
This strategic partnership was officially unveiled at a signing ceremony on the sidelines of the 2024 Future Hospitality Summit (FHS) in Saudi Arabia. The signing was attended by H.E. Eng. Khalid bin Mohammed Al-Salem, President of the Royal Commission for Jubail & Yanbu; Eng. Abdulhadi Al-Juhani, CEO of the Royal Commission for Yanbu; Dr. Fahad Bin Mushayt, CEO of ASFAR; and Norah Al-Tamimi, CEO of Baheej.
The plans will be overseen by Baheej Tourism Development Company, a joint venture between ASFAR, the Saudi tourism investment company owned by PIF, and the Tamimi-AWN Alliance, whose primary objective is to develop, manage and ensure the successful implementation of these promising projects, encompassing restaurants and beachfront facilities, a luxurious resort, a premium hotel, as well as a visitor services center featuring a diving academy and a marina.
Commenting on the alliance, Eng. Abdulhadi Al-Juhani, CEO of the Royal Commission for Yanbu, said: “The collaboration we have entered into underscores the importance of partnering with the private sector to bolster the tourism industry. We are very pleased to be part of this strategic alliance which is poised to significantly enhance the growth and development of Yanbu’s tourism sector. This partnership will not only elevate tourism offerings and facilities in Yanbu, but also contribute to the overall progress and diversification of tourism opportunities nationwide, particularly in the Red Sea region.”
From his end, Dr. Fahad Bin Mushayt, CEO of ASFAR, stated: “We are excited to kickstart this partnership with the goal of launching and implementing unique projects in this strategically important area along the Red Sea. These endeavors will raise the standards of hospitality and entertainment services in the region, providing exceptional accommodation, amenities, and world-class entertainment offerings. We are proud to entrust this project to our subsidiary, Baheej, which will strive to develop groundbreaking concepts that meet international tourism benchmarks.”
“The collaboration with the Royal Commission for Yanbu and Baheej serves to strengthen the cooperation and integration between the entities, paving the way for the expansion and enhancement of various tourist facilities. Yanbu Governorate stands out as one of the most promising tourist destinations in Saudi Arabia, boasting a rich historical heritage, natural beauty, and significant archaeological and historical sites that present ample opportunities for substantial tourism from local, Gulf and international sources.”, he added.
Furthermore, Dr. Fahad Bin Mushayt emphasized that Yanbu Governorate holds significant economic and touristic importance within the framework of the Saudi Vision 2030 initiatives along the Red Sea Coast.
Norah Al-Tamimi, CEO of Baheej, commented: “We are excited to spearhead the development of the four projects and eagerly anticipate their upcoming launch, which will elevate the Yanbu industrial coastline into a captivating tourist destination drawing visitors from far and wide. This partnership is a significant leap forward in realizing Vision 2030’s ambitious goals to drive economic diversification and bolster the Kingdom’s standing on the global tourism stage. With unique tourism potential inherent in Yanbu Governorate, we take pride in our contribution to catalyzing a transformative shift in Yanbu’s tourism sector through these innovative and multifaceted projects.”
The alliance between ASFAR and the Royal Commission for Jubail and Yanbu will ensure the Kingdom’s Vision is brought to life, particularly its aim to welcome 150 million visitors by the year 2030, by promoting sustainable development and fostering innovation within the tourism sector.
ASFAR is committed to the continuous launch and implementation of new tourism projects, support services, and entertainment attractions. Additionally, the company plans to establish new hotels and resorts to cater to the increasing influx of tourists during peak seasons and holidays. This endeavor is further strengthened by the backing of Baheej in the development of Yanbu Governorate. Situated along the Red Sea coast, the governorate boasts a strategic location surrounded by vibrant coral reefs areas and nearby scattered islands. Its appeal as a unique and culturally significant destination is heightened by its proximity to the two holiest cities of Islam, Mecca and Medica, as well as the region’s distinctive and rich historical architectural heritage.
This agreement adds to ASFAR’s growing list of successful partnerships with government entities, highlighting the company’s commitment to mutually beneficial and strategic alliances with the private sector to enhance and promote the tourism industry within promising cities across Saudi Arabia to transform them into attractive destinations.
